More than 34 million Americans have provided unpaid care to a loved one or other adult in the past year.
While caring for your parent or other aging loved one can be very rewarding, it isn’t always possible. Other obligations, like kids or work, can get in the way of that care. In those situations, professional care is often the only option.
Unfortunately, senior home care can be very expensive. Luckily, there are several ways of saving money while caring for seniors at home. Keep reading to learn more.
Use Technology for Round-the-Clock Monitoring
Unless your parent or other loved one needs to have someone with them 24 hours a day to care for him or her, technology can help you cut some of your home care costs.
Keeping a caregiver in a home is expensive. Cutting back on even just a few hours of care a day can help you save a lot of money.
In some cases, monitoring technology can replace a few hours of care each day.
For instance, a medical alert system can give you the peace of mind of knowing when your elderly loved one needs help, without having someone there monitoring them.
Another cost-effective senior care idea is to use online shopping and delivery to keep your loved one stocked on groceries and other necessities. This means less time spent by you or a paid provider shopping for and buying anything that your loved one needs.
Check for Tax Credits and Deductions
If your parent or other loved one is dependent on you for care, you may be able to claim some of your costs as a tax credit or deduction.
If you pay a tax professional, talk to him or her about tax deductions and credits that you may be eligible for. You can also find information on deductions and credits online if you prepare and file your own taxes.
While these deductions may not end up saving you more than a couple hundred dollars, every little bit helps. If you’re already paying for your parent or loved one’s care, you might as well get some of that money back in the form of a tax credit at the end of the year.
Find Out Whether You Qualify for State-Provided Care
Depending on your income level and your loved one’s conditions, you may be eligible to receive some care funded by the state or through non-profit organizations.
While this care might not be enough to cover all of your parents or loved one’s needs, it can be great for supplementing other care. You can then pay for additional care to take care of your loved one while saving some money on additional hours or help.
Saving Money When Caring for Seniors
Caring for seniors can be stressful, draining, and very expensive. Cutting costs where you can, without sacrificing quality of care, can help you keep your finances on track while also reducing your stress.
Another essential way to reduce your stress and provide the best possible care is to find the right in-home care for your loved one.
Contact us today to see how we can help ensure that your loved one is healthy and happy in their own home.